Thank You, Accountants and Bookkeepers
Accountants and bookkeepers are business heroes - we’re proud to be on your side
Ever since becoming CEO of Dext (formerly Receipt Bank) two years ago, I've taken time out every week to talk with our customers. I've heard your stories, and it’s clear that while millions of small businesses have struggled, millions more would have done if it wasn't for you.
You're the people who saved your clients money, helped them navigate the myriad different government support schemes, and given them advice. And yes, from time to time, a shoulder to cry on. You're really the unsung heroes of this terrible pandemic, the doctors of the economy, if you will. The last 12 months for me, are the ultimate rebuke to those who argue that technology is ever going to replace accountants.
Measuring change
The pandemic has caused an acceleration of technology, and what I think was a pivotal moment in the history of the accounting profession: payments have gone digital, and they're never going back. Commerce itself is increasingly through online platforms and tax is being made digital by governments all over the world. Meanwhile, technology is becoming more and more capable.
The existential question is this. Will accountants be marginalised? Or can they somehow be central to this future? With so many technology companies actively trying to replace accountants and get businesses to do it all themselves - we think the world needs a technology business that's on your side, fighting to take the accountancy profession to the next level.
“We’re proud to be on your side.”
The most important numbers in our business for me are the ones that measure the value we're delivering to you how much usage our products are actually getting. And as accountants have relied on us more and more through the pandemic, we've seen those numbers surge. We're proud to be on your side.
Meet Dext
Dext is the new name for our company. We're inviting accountants of all ages, firms of all sizes, to be part of what we’re calling the Dext generation. The word ‘Dext’ is actually made up of two parts. It fuses ‘dexterity’, which is what will take us through to this future, with ‘next’, as in taking the profession to the next level.
Dext exists to make accountants more productive, profitable and powerful. We actually employ a lot of accountants, a lot of bookkeepers, and some of the best software developers I've ever worked with - together. We're going to build the tools to help you get more done and ultimately make more impact on your clients. We’re 500 strong and we’re here to partner with you to take your practice to the next level.
Our products
We're starting on a pretty solid foundation with two of the best loved products in the industry. The first of them we're now calling Dext Prepare with Receipt Bank. This is the same product most of you know and love. And for anyone not already familiar with it, you'll find Dext Prepare to be the ultimate bookkeeping productivity solution: it's a way to capture data from all invoices, receipts, and bank statements - paper or digital - with speed and accuracy that frankly blows the competition out of the water.
The next product is Dext Precision with Xavier. Accountants tell me they use it to assess the quality of new clients books to decide how to price them. Some use it to gamify the bookkeeping process for their team by assigning health scores to each team member. It's really the ultimate workflow and data integrity tool for your practice.
Over the rest of 2021, we're going to launch more products that will help you streamline your workflow, identify new fee streams and give your clients an even better experience. We will turbo boost the productivity of your practice, and give your team insights to deliver additional financial director or financial controller services.
All Dext products will follow the same basic formula for success that you already know: a deep understanding of the way accountants and bookkeepers work, sophisticated technology under the hood, but dead easy to actually pick up and use. And I've had some people say to me over the years that Receipt Bank is so easy to use, you can actually do it while drunk.
Join our community
I'm also determined that Dext is going to be more than just another technology company. Technology does nothing on its own without the people who use it.
We will continue to invest in our partner community and grow our collective intellect. We’ll develop our new £1.5 million pound Dext Advisors programme of support for leading accountants - backing any firm who demonstrates cutting edge practice using Dext tools. Through the programme, you'll get exclusive product support, advanced business consulting, an exclusive directory listing, and advertising support - so we're actually going to help you grow your practice and get more clients.
“Technology does nothing on its own without the people who use it.”
The events of 2020 showed that accountants are the essential backbone of the economy. But many technology businesses foresee accounting and bookkeeping being commoditised, and small businesses somehow supporting themselves. That DIY scenario is the antithesis of everything Dext stands for. We will always be in your corner. Our products will put technology at your service to make your teams productive, profitable and powerful. So whoever you are, wherever you are in the world, I want to welcome you and your firm to the Dext community.
